Construction Begins for Philadelphia Premium Outlets(R)
Simon's Chelsea Division Breaks Ground on Upscale Outlet Center
LIMERICK TOWNSHIP, Pa., Sept 20, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Simon Property
Group, Inc. (NYSE: SPG) announced today that its Chelsea Property Group
division broke ground on Philadelphia Premium Outlets(R) in a ceremony held
Officials from Roseland, NJ-based Chelsea Property Group were on-hand as
construction began on the 430,000-square-foot upscale, fashion-oriented
manufacturers' outlet center located off Route 422 at the Sanatoga exit
(Evergreen Road) on Lightcap Road, in Limerick Township, Pennsylvania.
Chelsea, a division of Simon, is a leader in the outlet industry based on its
proven concept of Premium Outlet Shopping(R). The center will be a single-
level, village-style project with a colonial American architectural theme.
Philadelphia Premium Outlets will house over 110 outlet stores and will
feature high-quality national brands serving the area's permanent population
as well as visitors to the area. "Our trademarked concept of Premium Outlet
Shopping(R) differentiates Chelsea centers from other outlet centers and
entertainment megamalls. We are confident that we will be bringing together an
excellent mix of upscale and high quality merchants befitting this area's
desirable demographics," said Michele Rothstein, senior vice president of
marketing for Chelsea. "We selected Limerick Township because we felt there
was a synergy in the type of quality centers we build and the brand conscious
and quality-minded consumers who live in and visit this region. Shoppers who
seek the finest brands at outlet prices and desire a more upscale shopping
atmosphere will appreciate the difference in what we will be bringing to the
Philadelphia Metro Area. We appreciate the great support we have received from
the township including chairman of the supervisors, David Kane and township
manager, Daniel Kerr."
Philadelphia Premium Outlets, scheduled to open in Fall 2007, will create
approximately 800 to 1,000 quality jobs and will generate millions of dollars
in sales tax revenue. "We are thrilled to be welcoming Simon and Chelsea to
our community," said David Kane. "They are first-class organizations and we
are confident that this project will be an enhancement to Limerick Township
and the entire region. The outlet center is a much awaited project for our
Simon Property Group, Inc., an S&P 500 company headquartered in
Indianapolis, Indiana, is a real estate investment trust engaged in the
ownership, development and management of retail real estate, primarily
regional malls, Premium Outlet(R) centers and community/lifestyle centers. The
Company's current total market capitalization is approximately $44 billion.
Through its subsidiary partnership, it currently owns or has an interest in
284 properties in the United States containing an aggregate of 200 million
square feet of gross leasable area in 38 states plus Puerto Rico. Simon also
owns interests in 52 European shopping centers in France, Italy, and Poland; 5
Premium Outlet centers in Japan; and one Premium Outlet center in Mexico.
Additional Simon Property Group information is available at
http://www.simon.com . Simon Property Group, Inc. is publicly traded on the
NYSE under the symbol SPG.